Elon Musk Loses $20 Billion in One Day as Dangote Sees Biggest Earnings in Weeks
- The world's richest man, Elon Musk, has lost a total of $20 billion in one day
- Musk's loss stemmed from the abysmal performance of Tesla stocks which plummeted by 28.36%
- But Nigeria and Africa's richest man, Aliko Dangote, earned a whopping N69 billion and moved up seven places among the world's billionaires
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The world's richest man, Elon Musk, emerged as the biggest loser in a day that saw tech stocks post massive losses.
The billionaire and Tesla CEO had a whopping $20 billion sliced off his net worth, thanks to the shares of Tesla, which plummeted by 28.36% to trade at $262.90.
Source: Getty Images
Mark Zuckerberg, Jeff Bezos, other tech titans lose massively
Despite retaining the wealthiest man in the world title, Elon Musk's wealth shrunk significantly from $254 billion to $234 billion.
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Other billionaires, mainly tech CEO, lost massively on the same day.
Data from the Bloomberg Billionaire Index show that Amazon founder Jeff Bezos lost about $5.32 billion, Microsoft founder Bill Gates saw about $203 million shaved off his net worth, while Meta CEO and the eighth richest man in the world Mark Zuckerberg lost over $4 billion.
Google founders Larry Page and Sergey Brin lost a combined wealth of $5.5 billion.
Dangote's wealth wealth jumps, earns $92 million in one day
However, Africa's richest man, Aliko Dangote, experienced a massive jump in his net worth, earning about $92.1 million, about N69 billion, in one day.
Dangote also moved up seven places on the billionaire ladder with a net worth of $16.8 billion.
Dangote's earnings are mainly due to the stellar performance of Dangote Cement's share price, his primary income source.
According to reports, the company announced the completion of its first batch of the share buyback program, which lasted for two days.
The company disclosed that it bought back 121,404.714 shares, representing 0.71% of the firm's repurchased and fully paid claims.
The shares were repurchased at an average of N399 per share and valued at N41.15 billion.
Elon Musk close to hitting $200 billion in net worth, earns N2.1trn in 24 hours as Dangote makes N21bn
Legit.ng reported that the world’s richest man, Elon Musk, is $1 billion away from hitting $200 billion in net worth, which he lost last year after Bernard Arnault, the LVMH owner, dethroned him.
Musk reclaimed the top spot last week after ousting Arnault, who had occupied the position since December 2020.
Musk’s latest ranking is thanks to the surging stock of Tesla, which gained $6.1 on Friday, June 3, 2023, to trade at $213.97, a 3.11% increase
Source: Legit.ng
